The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1887-08-06
THE PACIFIC SLOPE.

The Central Pacific InvestigatiOn-Sena
tor Stanford as "a Witness-The Great
Wheat Corner at ian Francisco-A Col
lapse, Entailing General Ruin, Imminent.
SAN FRANCISCO, Aug 1.-Two matters in
particular have engrossed the attention of
tke public during the past week-the in-
vestigation of Central Pacific affairs by
the Pacific Railroads Commission and the
wheat deal, which has reached most re-
markable position, showing vast qualities
of endurance by both the longs, who are
just now on top, and the shorts, who are
daily expecting a collapse Of the clique.
The Pacific Railroads Commission has as
yet taken few tricks and no honors in in
Vestigation Of Central Pacific affairs in
their relations with the Government.
Instead of resulting in a profit to the
Government it is likely to relieve the
Government of some of its troublesome
surplus, according to the showing made
by Senator Stanford, president Of
the Central Pacific railroad. In the course
of his examination he submitted detailed
statement, which showed that the Govern
ment was indebted to the Central Pacific
to the extent of nearly $62,O00,000. Mr..
Stanford is a man evidently not easily ex-
J ClUtu VI ON6IuNGus 10 Qu6SJlOuS Wu6lu6I
their officers or agents had paid any
money or valuable consideration, or done
any thing for the purpose of influencing
legislation, Mr.. Stanford quietly but firm
ly replied that it was matter which did
not concern the Government, and, there
fore, not its business.
"Do you mean to answer that with re-
gard to legislation" asked Mr.. Pattison,
chairman of the commission.
"That is my answer" quietly observed
the Senator, and nothing more was said
on the subject. The whole matter of the
investigation is looked upon by thinking
men as one Of the hugest farces ever pro.
duced, and it is the general opinion that il
will result in nothing Of material benefit to
the dear people.
IL seems absolutely absurd to suppose
that if there was any crookedness any
where it could be brought to light by the
means adopted. With the long notice the
railroads had of the proposed investiga-
tioa, and the large force of men at their
command, if fraud existed it would be an
easy thing for the railroads to arrange
matters so that it would be impossible to
discover it. Again, how could force of
score or more of accountants possibly ex-
anime thoroughly in a few weeks the ac-
counts kept for score of years by hun
dreds of clerks.
1t is a curious fact that two possible cam
didates for the presidency of the United
States have confronted one another in this
investigation here-Leland Stanford, Of
California, President of the Southern Pa
cific railroad, and Robert q. Pattison, Of
Pennsylvania, chairman of the United
States Pacific Railroads Commission. Pat
tison, who was elected Governor of Penn
sylvana on the Democratic ticket five
years ago, is said to be now in active
training for presidential nomination, and
Stanford is also being talked about every
where in the same connection. Is is gem
orally conceded that if Pattison can so
contrive his questions during the investi-
CATION as to damage or apparently damage
Stanford, he will do his party a service for
which he will be entitled to some reward.
Hence the investigation has considerable
interest aside from the mere facts elected
in the course of it.
WHEAT, THE GREAT STAPLE,
is Just at present wanted by some people
as badly as during a famine. One week
ago it was selling by the bushel of sixty
pounds at Liverpool for $l.04 80; at New
; York for 81 cents; Chicago, IL IA cents,
and at San Francisco for SLIT. Since
Monday considerable variation has taken
place here, and Saturday it sold at $2.151-4
per cental or 1929 a bushel, while varia'
tions at the other points mentioned have
been inconsiderabe That strong clique
is cornering the market here, without CO.
operation at any other point, is now an un
D doubted fact, though earlier in the season
it was supposed that the bull movement
> here was in sympathy or in CO.
opera tion with a clique at Chicago and
> other Eastern points. 1t is now certain
q that it is a perfectly independent scheme
{ of Pacific coasters. The wheat ring start
ed out to pinch the shorts, and in this
: operation they have had TO take an enor'
S nous quantity of wheat which has been
r hurled upon them from all parts Of the
Q State. They have borrowed money upon
( this wheat to the last dollar, and some Of
r the banks and private capitalists who have
e advanced the coin are now growing
$ alarmed, for they realize that the present
market prices established by the ring are
e wholly fictitious and that a gigantic
n bubble has been inflated which
a is liable to collapse at any
} moment and entail general ruin SINH
+ lar to that which followed the bursting Of
a the great pool in Chicago. Having con-
troll of the board of directors of the Call
# Board, the pool has been enabled to make
r such rules, and construction of rules as
o would aid it in its operations That the
g syndicate is nearing its final dissolution,
n seems to be the general opinion, as their
@ only recourse now is to call in margins
d while at the same time they are being
II loaded up to the ears with wheat. The
n money they obtain by this means they ap
e ply to run up prices, but il can not last
much longer. as this source of revenue will
/, be soon exhausted.
l. In the meantime the call board ware
. houses are full of wheat, so that no NOR,
Z can be received in them. Nearly all of thi,
IL wheat belongs to the combination, and wa.
o accumulated during the fight against tn,
l. shorts. This keeps wheat from coming for
IL ward from the country. The dam which
a. I. ~ 4, L..